People make properties in abundance since it gives a feeling of satisfaction that they have invested in something that is fruitful in the future in various ways. Now, just imagine how things will go when you can buy property in the virtual world. Owning a space in the virtual world is as beneficial as the physical world. Do you want to know how?
With such properties, individuals might build homes, open up shops, convert them into playgrounds or any other leisure activity ground, hold parties or events, and many more. There are numerous benefits of owning a space in the metaverse.
Before diving deep into the topic, let’s begin with some statistics.
The metaverse real estate market share is expected to reach USD 5.37 billion from 2021 to 2026.
The real-estate market sales crossed $500 million in 2021 and are expected to get double in 2022.
These mind-blowing figures depict how valuable it could be to invest in metaverse real estate. Knowing the profits associated with a virtual property, many entrepreneurs have already initiated the process of developing real estate in the metaverse. If you are also looking forward to the Best Metaverse Real Estate Development agency, then contact Auxano Global Services, which is a highly renowned name in metaverse development with years of experience in delivering a similar service. Connect with our experts now!
What is Metaverse Real Estate?
Metaverse is the most exciting concept where individuals can visit the virtual world in 3D worlds. Talking about metaverse real estate is defined as land or property in the virtual world. This piece of land in the metaverse can be bought, sold, or exchanged. This concept attracts users and entrepreneurs. worldwide.
The metaverse land is available in the form of NFT, which can be exchanged for crypto or fiat currency. Since the metaverse is decentralized, thus, it offers ownership to the land owners. This is not the only advantage it offers; instead, there is a long list of benefits associated with metaverse in real estate.
Let’s have a look at the advantages.
Benefits of developing Metaverse Real Estate
Metaverse is the next iteration of the web and real estate in the metaverse is a new way of owning a property in the virtual land. Below are the benefits that metaverse real estate offers to users and platform owners.
- The first advantage is that through the metaverse, users can buy land in the digital world.
- The users can sell or rent out the owned land to various organizations or people to earn more profits in cryptocurrency or fiat currency.
- Having landed in the virtual world gives a sigh of relief regarding extra income or rewards that land owners receive frequently.
- There is minimal input cost and no objections to using the land in any manner in the metaverse.
- This virtual concept of owning land in the metaverse is eye-catching for tenants, and it serves as a great way to earn extra income.
All these benefits are alluring and revenue-generating. Any enthusiast can begin earning rewards and income by investing in metaverse real estate.
How to Create Metaverse Real Estate?
To create a metaverse real estate platform, you must follow a strategic approach. Although it appears quite challenging to build such a platform, Auxano Global Services- a top Metaverse Development Agency, knows how to handle the project effectively. Count the steps below to build a metaverse real estate platform.
1. Audience & Market Research
The first step is to analyze the market and set the project’s objective accordingly. The market research covers everything including knowing the audience, competitors, goals, required skillset for the project, types of tools and technologies, etc. All of these will assist in successfully initiating the metaverse real estate development.
2. Hire The Best Metaverse Development Firm
After thorough research of the chosen niche and its market, the next step is to find some reliable and experienced metaverse development firms like Auxano Global Services. To find the best Metaverse Real Estate Development company, you may go through their website, see their testimonials, see their case studies, find reviews from some prestigious websites, know about their development team, and study the tech stack tech they are using, etc.
3. Design and Develop
Now that you have found your partner in metaverse real estate development, the next step is to work on amazing UX/UI design and development of the platform through coding using the latest tech stack. The designing team creates mind-blowing UX/UI graphics to enhance the user experience and give justice to your project as per your requirements. Here, the project owners get the proper visualization of their platform so that any required changes can be done.
1. Develop and Integrate Smart Contract
At this step, developers get to indulge in the development of front-end and back-end where they develop smart contracts for the metaverse real estate platform creation. These smart contracts, which are rules written in the form of coding, act as a backbone in simplifying the process of buying and selling land on the metaverse.
2. Installation of IPFS Storage System
To store a large amount of data, the installation of decentralized IPFS storage systems is processed. The storage system is installed as per the operating system to keep the cryptographically hashed data safe and secure.
3. Setup Database to Store Information
Next is the setting up of a database to keep safe all the crucial data of the virtual world such as user identity and related information, transaction records, and numerous other information by applying various security measures.
4. Add AI and VR functionalities
This is the major part of developing a metaverse real estate platform. The addition of Artificial intelligence and virtual reality features ensures the creation of digital avatars, virtual reality scenes, etc. to ease the interaction between the user and the metaverse platform. Adding these functionalities will make the digital twin of real-world actions.
After front-end, and back-end development, integration of the database, IPFS storage systems, and additional important features, the platform is ready to be tested. For testing, the platform undergoes rigorous testing to detect bugs, errors, or any vulnerabilities and take adequate actions to remove those issues. To eliminate the bugs, the code is sent back to the developer team which resolves the issues and makes the platform bug-free. Now, the platform is ready to launch its beta version.
The product is deployed as a beta version to check the functioning of the platform and whether it is satisfying the users or not. After a successful beta version, your metaverse real estate platform is ready to be deployed on the client’s server.
Why Hire Auxano Global Services?
Auxano Global Services is the Best Metaverse Development Company having a highly efficient team of metaverse developers who leave no stone unturned in transforming your business idea into a big hit. We have experienced metaverse developers that deliver robust and scalable solutions to clients. We have successfully delivered numerous similar projects to our clients worldwide. AGS aims to deliver a quality product to our clients before the scheduled delivery time.
Look at our offerings:
1. Highly dedicated team of developers: We have an experienced and knowledgeable team of metaverse developers who stay up-to-date with emerging technologies.
2. Latest tech stack: The team of AGS is super excited to go with the pace of technology. They regularly check the upcoming tools and technologies to impart more efficiency to the project.
3. On-time delivery: We stay on our commitments and never delay the project without prior notifying the client.
4. 24/7 support: Whatever time is, our dedicated team is always ready to help you in your times of need.
5. Quick response time: Have any queries, call us anytime. We promise to respond to you back within 24 hours.
There is no denying the fact that the metaverse is a new concept that is slowly and strongly laying its foundation stone. However, its rising popularity and the associated benefits are attracting investors and users towards itself. It can be predicted that in the coming years, it will soon going to be a billion and trillion industry in the tech world.
If you also wish to develop such a good platform, then do not hesitate to call us. Hire Metaverse Developers through us and build a virtual world where users can buy, sell, or exchange land in the metaverse.
Frequently Asked Questions
1. What is Metaverse?
Metaverse is the virtual space having a timeline same to that of the physical world. It has users in the form of digital avatars. Metaverse is the parallel world having real experiences but happens in the digital dimension.
2. What is metaverse real estate?
As already defined in this blog, metaverse real estate defines the land in the virtual world that can be bought, sold, or exchanged. The land in the metaverse can be used for multiple purposes to earn profits.
3. How to find the best metaverse developers for hire?
To find a top-notch development company dealing in the metaverse, you need to research a bit about the various companies by going through their testimonials, reviews, working style, experience, etc. You can consider us as your Metaverse real estate development partner. We have experienced metaverse developers that deliver robust and scalable solutions to clients. Contact us now.
4. Where can I get more information about developing real estate in Metaverse?